Business Planning Meaning

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In an economic environment rarely anything is stagnant or static.

Economic, political, environmental, legal conditions keep changing.

Planning requires innovation, creativity and multi-tasking from the managers.

And planning is a function that managers of all levels must perform, i.e upper, middle and lower management.

Being the first function of management it is a very difficult activity.

It encourages the manager to broaden their horizons and forces them to think differently.This makes it easier for all managers across all levels to make decisions with some ease. Once the business planning is done, the managers now have set goals and standards.This provides the manager’s standards against which they can measure actual performances.Just like management is a never-ending activity, so is planning.In fact business planning, it is one of the primary functions of management.This will help the organization measure if the goals have been met or not. While business planning is important and a requisite for every organization, it does have some limitations.Let us take a look at some limitations of business planning.Planning bridges the gap between where the organization currently find itself and where it wishes to be.So in essence business planning comprises of setting objectives for the organization and developing a plan of action to achieve these objectives.There is clarity in thought which leads to clarity in action.All work is carried out without interruptions or waste of time or resources, Planning actually involves a lot of innovation on the part of the managers.

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